ORDINANCE NO. 031223

Accepting the recommendations of the Tax Increment Financing Commission as to the Seventh Amendment to the Eleventh Street Corridor Tax Increment Financing Plan; approving the Seventh Amendment to the Eleventh Street Corridor Tax Increment Financing Plan; and designating an Expanded Redevelopment Area.

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 1986, as amended (the "Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, on December 10, 1992, the City of Kansas City, Missouri, adopted the Eleventh Street Corridor Tax Increment Financing Plan by Ordinance No. 921355, which approved the Redevelopment Plan, found the area described therein ("Redevelopment Area") to qualify as a Conservation area; and designated the Redevelopment Area as a Redevelopment Area pursuant to the Act; and

WHEREAS, on April 11, 1994, the Commission recommended adoption of the First Amendment to the Eleventh Street Corridor Tax Increment Financing Plan (the "First Amendment") by way of Resolution No. 94-35 and on June 23, 1994, the City of Kansas City, Missouri adopted the First Amendment by Ordinance No. 940721; and

WHEREAS, on September 20, 1995, the Commission recommended adoption of the Second Amendment to the Eleventh Street Corridor Tax Increment Financing Plan (the "Second Amendment") by way of Resolution No. 95-84 and on November 21, 1995, the City of Kansas City, Missouri adopted the Second Amendment by Ordinance No. 951478; and

WHEREAS, on March 20, 1996, the Commission recommended adoption of the Third Amendment to the Eleventh Street Corridor Tax Increment Financing Plan (the "Third Amendment") by way of Resolution No. 96-30 and on April 11, 1996, the City of Kansas City, Missouri adopted the Third Amendment by Ordinance No. 960295; and

WHEREAS, on September 9, 1998, the Commission determined not to adopt a proposed Fourth Amendment to the Eleventh Street Corridor Tax Increment Financing Plan; and

WHEREAS, on October 14, 1998, the Commission recommended adoption of the Fifth Amendment to the Eleventh Street Corridor Tax Increment Financing Plan (the "Fifth Amendment") by way of Resolution No. 10-2-98 and on November 23, 1998, the City of Kansas City, Missouri adopted the Fifth Amendment by Ordinance No. 981334; and

WHEREAS, on May 12, 1999, the Commission recommended adoption of the Sixth Amendment to the Eleventh Street Corridor Tax Increment Financing Plan (the Sixth Amendment) by way of Resolution No. 5-4-99 and on September 2, 1999, the Council approved the Sixth Amendment by Ordinance No. 991015; and

WHEREAS, an amendment to the Redevelopment Plan entitled "The Seventh Amendment to the Eleventh Street Corridor Tax Increment Financing Plan" ("Seventh Amendment") affecting the area described therein was proposed to the Commission; and

WHEREAS, the Commission has been duly constituted and its members appointed; and, after all proper notice was given, the Commission met in public hearing and after receiving the comments of all interested persons and taxing districts, closed said public hearing on May 12, 1999 and on May 12, 1999 approved Resolution No. 5-4-99 (the "Resolution") recommending to the City Council the approval of the Seventh Amendment; and

WHEREAS, the intent of the Seventh Amendment is to revise Exhibit 4 to be consistent with the proposal, testimony and balance of the Sixth Amendment; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. The recommendations of the Commission concerning the Seventh Amendment as set forth in the Resolution attached hereto as Exhibit "A" are hereby accepted and the Seventh Amendment, a copy of which is attached hereto as Exhibit "B", is hereby approved and adopted as valid and the Redevelopment Projects contained therein are hereby authorized.

Section 2. All terms used in this Ordinance shall be construed as defined in Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended.

Section 3. In accordance with the recommendations of the Commission as set forth in the Resolution, the City Council hereby finds that good cause has been shown for amendment of the Redevelopment Plan, and that the findings of the City Council in Ordinance No. 921355, Ordinance No. 940721, Ordinance No. 951478, Ordinance No. 960295 and Ordinance No. 981334 with respect to the Redevelopment Plan, as amended, are not affected by the Seventh Amendment and apply equally to said Seventh Amendment.

Section 4. The Commission is authorized to issue obligations in one or more series of bonds secured by the Eleventh Street Corridor Account of the Special Allocation Fund to finance Redevelopment Project Costs within the Redevelopment Area and, subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and take all such further actions as are reasonably necessary to achieve the objectives of the Redevelopment Plan pursuant to the power delegated to it in Ordinance No. 54556. Any obligations issued to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 to 99.865, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

Section 5. Pursuant to the provisions of the Redevelopment Plan, the City Council approves the pledge of all funds that are deposited into the Eleventh Street Corridor Account of the Special Allocation Fund to the payment of Redevelopment Project Costs within the Redevelopment Area and authorizes the Commission to pledge such funds on its behalf.

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Approved as to form and legality:

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Heather A. Brown

Assistant City Attorney